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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Imp.Chem. | ICI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 667.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 667.00 | 667.00 |
| Top Posts |
|---|
Posted at 06/10/2007 09:36 by tourist07 From the Financial Times:Dissidents losing ground in ICI bid By Salamander Davoudi and Sarah Spikes Published: October 5 2007 03:00 | Last updated: October 5 2007 03:00 Two of Akzo Nobel's top five shareholders have come out in support of the Dutch conglomerate's £8.1bn takeover of ICI, raising the likelihood that dissenting shareholders will be unable to block the deal. Paulson, the US investment firm that holds 5.1 per cent, and Centaurus, the London-based hedge fund, yesterday threw their weight behind the deal, saying the purchase of ICI would boost earnings and contribute to long-term growth. TPG-Axon, the US-based investor that owns 3.5 per cent of Akzo and has publicly opposed the deal, is understood to remain against it along with at least two other smaller shareholders. The deal needs approval from 50 per cent of shareholders. Critics of the transaction cite the high price relative to the value of peers and the cyclical nature of ICI's business as reasons for caution. Salamander Davoudi and Sarah Spikes |
Posted at 14/8/2007 12:15 by whatwoman Hello, Ropey,Presumably mm's and investors fear AKZO's shareholders rejecting the deal especially as there are no other bidders around. If you really believe the AKZO bid will go through, then you are correct, it is a buying opportunity to make a nice little turn. |
Posted at 11/8/2007 08:09 by bigboots BID CONFIRMEDICI agrees to £8bn Akzo deal By Sarah Spikes and Salamander Davoudi Published: August 10 2007 22:03 | Last updated: August 10 2007 22:03 ICI has agreed to be bought by Akzo Nobel, the Dutch conglomerate, in a deal valuing the UK maker of Dulux paints at £8.1bn, although questions remain about whether Akzo shareholders who oppose the acquisition will seek to block it. The deal, which is likely to be announced by Monday, values ICI at about 679p a share including 670p in cash and an extra 9p in dividends and represents a 45 per cent premium to ICI's price in mid-March, when Akzo's sale of a pharmaceuticals business fuelled speculation about a bid for ICI. Some ICI investors had been determined to secure an offer of 700p a share, but given that Akzo has come up from its first indicative offer of 600p a share and the turbulence in global markets over recent days, they are seen as unlikely to oppose the deal. The position of Akzo investors, however, is still unclear, as some, including TPG-Axon, a US-based fund that holds 3.5 per cent, are bitterly opposed to the deal, seeing it as too expensive. TPG-Axon sent a letter to Akzo's board shortly after Akzo lifted its 600p offer to 650p saying it opposed the acquisition. Sources close to TPG-Axon have since said that, in spite of Akzo's taking on German partner Henkel to help finance the deal, the price was still too high. "Why Akzo is determined to buy a highly cyclical business near the top of the cycle and thereby lose most or all of its cash, just as that cycle looks set to turn for the worse, is hard to understand," said a person close to TPG-Axon. Akzo is in a strong position to proceed with the acquisition even if other shareholders share TPG-Axon's view, because under Dutch law it will need approving votes from only 50.1 per cent of the shareholders who choose to vote, including proxies. Even if there is a small turnout, the rule requiring a simple majority will apply. Some Akzo shareholders who have had concerns said they were reserving judgment until seeing the offer document which will tell them the value of synergies that Akzo will derive. |
Posted at 07/8/2007 11:47 by highlander2 An interesting opinion from the Times.One of the reasons for the difficulty is that Akzo's shareholder base has changed considerably this year, Mr Knight said. He now estimates that hedge funds or activist investors could constitute more than 40 per cent of Akzo's register. However, he noted: "On the plus side, the option of voting down the bid to force Akzo as a takeover target itself is less likely, given the current credit crunch on private equity." Shareholders could be holding out for a higher bid. So far, speculation has swirled around BASF, the German chemicals group, and Dow Chemical, the American group, as the two most likely counter-bidders. Analysts, however, believe that a bid from BASF is unlikely, given that the group is busy digesting more than 10 billion (£6.8 billion) of prior acquisitions. A bid from Dow is also seen as unlikely since the US group could have taken advantage of ICI's lower share price when it was trading at £4.50 six months ago if it had been serious about a deal. However, Dow Chemical is believed to be considering its options and is not ruling out a bid for ICI or Akzo itself. There are also potential antitrust concerns, given the overlap of Crown and Dulux in the British and Irish markets. Sources said yesterday that Akzo would file its proposals to overcome any regulatory concerns once it had launched a formal offer. Yesterday's raised bid was the latest twist in the battle for the 81-year-old British coatings and chemicals manufacturer. Akzo initially tabled a 600p proposal in June, but ICI immediately rejected the offer as undervaluing the company. It also dismissed a second approach last week at 650p. The raised approach and yesterday's fresh 670p bid included a simultaneous side-deal to sell ICI's adhesives and electronic materials businesses to Henkel. In a statement yesterday, Akzo said that the deal with Henkel was worth £2.7 billion, which sources said meant that Henkel was effectively paying the entire 70p extra in cash. Although no details of proposed synergies from the deal have yet been given, sources said that they would be upwards of £250 million and that both ICI and Akzo investors would back the deal once they had seen the numbers. |
Posted at 01/8/2007 17:56 by miata The Financial Times reported on Wednesday that Akzo was facing a potential rebellion after one of its biggest investors, TPG-Axon, said Akzo's offer was too high.Dinakar Singh, managing partner at TPG-Axon, a U.S. asset manager holding a 3.5 percent stake in Akzo, wrote to the Akzo's chairman to outline his opposition, the paper said. "We do not believe this acquisition is justified by numbers and we fear Akzo's approach has become increasingly desperate rather than thoughtful and disciplined," Singh said in a letter seen by the paper. |
Posted at 25/6/2007 17:49 by gbchak i agree totally.. there is no point in Akzo coming back with a higher offer unless it has a chance of success.. and as ICI and big institutional investors are looking for 675 circa then i doubt Akzo will waste it's time bidding at anything but 675.. it's just a matter of days IMHO before this will be confirmed, the low volume today and Friday confirms the 'watch and wait' approach being adopted.. i would still not totally rule out BASF or DOW entering the fray after Akzo has pitched it's top level.. only time will tell.. |
Posted at 25/6/2007 16:14 by sruk77 Gemini, calm before the storm perhaps?* 'Akzo may up ICI bid' * Akzo Nobel is looking for bank and investor support to bring out a higher bid for UK chemicals group ICI, sources have told the Financieele Dagblad. The paper reports on Monday that CEO Hans Wijers held talks with UK and US investors last week in an effort to increase his room for manoeuvre. Akzo Nobel's offer of £6 a share has been rejected as being far too low. The British media reported at the weekend that Akzo is prepared to pay £6.50 for ICI but that UK firm is prepared to accept £6.75, valuing the company at around 12bn: |
Posted at 25/6/2007 07:08 by rcoates96 And here, from ThomsonImperial Chemical In Akzo Nobel in talks with investors about higher offer for ICI LONDON (Thomson Financial) - Dutch chemicals group Akzo Nobel NV has been in talks with its shareholders about launching a potential higher offer for UK rival Imperial Chemical Industries PLC, according to reports. Akzo held talks with Brandes, its largest shareholder, and other major shareholders last week about the possibility of making a bigger offer for ICI, which rejected the Dutch group's 7.2 bln stg, or 600 pence per share, approach on June 18, The Sunday Telegraph reported. The shareholders are understood to support the principle of a higher bid, but are concerned that Akzo may overpay, the newspaper said. Some of the biggest shareholders in ICI have indicated they would support a bid of about 675 pence per share, according to a separate report in The Sunday Times. One unidentified investor told the newspaper that they would recommend an offer of between 660-670 pence. "We can see the obvious synergies this deal would bring and that it makes sense," the investor was quoted as saying. Let's see how it opens. I can see £6.45 today, but not much more until this newsflow becomes more concrete. |
Posted at 25/6/2007 05:37 by sagem F.T 25TH JUNE :-ICI's future as an independent company seems to hang on how much Akzo Nobel, the Dutch chemicals group, is willing to pay. Its 600p a share bid, valuing the UK group at £7.2bn, has been rejected with some ICI investors looking for a figure above 700p. Akzo Nobel is cash-rich and wants to strengthen its paints business but its shareholders are wary of its being sucked into overpaying. ICI, whose shares on Friday closed at 624p, has also sought to emphasise its ability to grow organically. .................... me thinks ici will be taken out at £7.10p which is a fair price. |
Posted at 20/6/2007 09:16 by whatwoman Akzo's boss is off to the USA to see if his major investors will back a higher offer for ICI. A very good sign for ICI's shareholders. ICI is now in play and there is no going back.Have added a small up position to my holdings. |
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